Dechert: Oi bondholders form group focused on consensual restructuring

By Caroline Salls

Pittsburgh, Nov. 14 – An Oi SA bondholders’ group has been formed by former members of a Moelis group steering committee to seek a consensual restructuring, according to a release from bondholder group representative Dechert LLP.

Dechert said the new group consists of several investment firms owning more than $1.5 billion face amount of Oi group bonds, but is heavily weighted toward Oi finance subsidiaries.

The group is represented by Allan Brilliant of Dechert in the United States, Marcelo Carpenter of Sergio Bermudes in Brazil and Frederic Verhoeven of Houthoff Buruma in the Netherlands.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on June 21 under case number 16-11791.

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